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Industrial Special Risks Insurance
An ISR policy essentially provides cover for loss or damage to insured property by any cause not specifically excluded by the policy. It is typically the broadest and the most flexible property policy available and is recommended to commercial clients with insured values greater than $5,000,000 (although this minimum does vary considerably between Insurers).
An ISR policy can cover the following:
- Loss and/or damage to buildings, plant and machinery, contents, stock, raw materials, unregistered vehicles and the property of directors and employees
- Loss of profits, revenue or rentals and/or increased expenses caused by damage to insured property and also by contingent damage to property at the premises of suppliers, customers and utilities.
- Burglary, theft of money and employee dishonesty
- Accidental damage and glass breakage
- Removal of debris, extra costs or re-instatement, re-writing of records and professional fees
Who needs Industrial Special Risks Insurance?
Any Business or Commercial Property owner with insured values in excess of $5,000,000
Note: The name Industrial Special Risks is actually quite misleading as it appears to indicate a policy designed specifically for businesses that are manufacturers or that own a factory - however this is not the case, ISR policies provide cover for a wide range of clients.
An ISR policy is sometimes referred to as an 'all risks' policy due to it's broad coverage. This description is inaccurate as the policy contains property and perils exclusions that limit the cover provided.
Additional property policies such as Machinery Breakdown, Marine Transit, Electronic Equipment, Motor, Aviation/Marine-Hull or Fine Arts (to name only a few) are often required to supplement the ISR policy.
To obtain a quotation or further information on Industrial Special Risks Insurance you can contact one of our experienced insurance brokers on (03) 9470 3322.